It really seems to hit the fan..
I wasn’t going to post about this, cause it’s a real downer 5 days before Christmas. But, I do write about personal finance and this is going to involve finances, big time!
Yesterday we got the news that the transmission in our van is going kaput! It is going to cost us around $2500.00 to fix it. We are a 10 person household and have 2 cars. The 8-seater van, and my 5 seat Chevy Cavalier.
As I wrote a few weeks ago, our Emergency fund is sitting at almost ZERO funds. My main goal this year is to build it up. It looks like that is going to be a bigger feat than we thought.
We thought of a number of options to pay for it:
- Borrow the money ~ Well, that’s out…I don’t know anyone who has that money lying around. Even still, if we did, I don’t want to, nor will I, ask to borrow money. I like to stand on my own two feet.
- Put it on credit ~ That’s also out because I don’t want to sink further into the debt abyss
- Cash in RRSP’s ~ Um, yeah, NOOOOOOOOOO…so not a good idea
- Park the car and save our butts off for the next few months.
Which option did we pick?
Number 4 of course!
We found out that there is going to be extra money coming in January that we were not expecting, so that money will go to the transmission. Since that will only pay for about half, we’ll also be cutting our variables as much as we can, using overtime from Shane’s job (if he gets some) and socking away every cent we can.
It’s going to take some creative shuffling of cars. Shane and I will have to travel into work together and back. We will move 2 kids swimming lessons to another day so that we can get them all to lessons. We’ll use public transit when/if we need to. Amy and I are forgoing Birthday celebrations (hers in January, mine in March). Doing all this we should be able to have the car ready by the end of February. We’ve already had a friend offer to help when they can.
We can do this, I am sure! I was so angry when we got the news and especially during the Christmas season. But you know what? I am not going to let this get me down. Life could be a whole lot worse. Some people don’t even own one vehicle, let alone two. We will get by.
My friend reminded me of this quote:
“When something bad happens you have three choices. You can either let it define you, let it destroy you, or you can let it strengthen you”
He’s so wise!
We’ll be stronger for it and maybe, just maybe, we’ll find other ways to cut expenses and save along the way.